Private sector lender Axis Bank emerged as the highest bidder to buy Citi's consumer banking business.
American banking major Citibank in April announced its plan to exit from the consumer banking business in India as part of a global strategy.
The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.
Samsung Takes over Intel as Top Chipmaker by Revenue in Q3
Samsung Electronics took over the top spot in the global semiconductor market by revenue in the third quarter on the back of strong memory chip sales.
Industry tracker Omdia said that Intel, which had been the top chipmaker for 11 straight quarters, slipped to number two behind Samsung "as the memory segment, where Samsung is the number one DRAM and NAND supplier, was the largest growth area for semiconductor" in the three months ending in September.
As a result, three of the global top four chipmakers were memory-focused semiconductor companies -- Samsung, SK hynix and Micron Technology -- in the same period.
Oriental Insurance Co Categorised as Public Shareholder in Axis Bank
Axis Bank said that The Oriental Insurance Company was categorised to public category from promoter category shareholder in the bank.
In October, applications were made to BSE and NSE for reclassification of The New Oriental Insurance Co to public category from promoter category.
Dec 21, 2021
Equitas Small Finance Bank Empanelled as Maharashtra's Banking Partner
Equitas Small Finance Bank was empanelled as a banking partner of the Government of Maharashtra to offer its services to the state government employees.
As per an agreement, Equitas Small Finance Bank is entitled to distribute salaries and allowances to the existing employees as well as make provision of pension to pensioners, thereby providing solutions to institutions and value-added services for individuals.
Bandhan Bank, Karur Vysya Bank, South Indian Bank are the other three banks that are assigned the role of distributing salaries, allowances to government employees.
The agreement is for the liability base. The government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra.
Adani Bags Rs. 17,000 crore e-way, Country's Largest PPP Project
Adani Enterprises Ltd (AEL) received the letter of award from Uttar Pradesh Expressways Industrial Development Authority to implement three major stretches of the greenfield Ganga Expressway.
The company also said that the project cost is over Rs. 17,000 crore and this is India's largest-ever expressway project awarded to a private company under the public-private partnership (PPP) framework.
AEL will construct three groups of the access-controlled six-lane expressway, expandable to eight lanes in Uttar Pradesh and the concession period will be 30 years.
The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India's longest expressway to be implemented on the design, build, finance, operate and transfer (DBFOT) basis.
Dec 20, 2021
IFSCA Sets up Panel for Creating Framework to Transfer Stressed Loan
The International Financial Services Centres Authority (IFSCA) set up a committee for creating a framework for transfer of stressed loans from domestic lenders to financial institutions in IFSC.
Former executive director of RBI G. Padmanabhan would be chairing the committee which will also include representatives from law firm and other market participants possessing expertise in banking and legal issues.
The committee has been mandated to examine the provisions of the RBI directions pertaining to transfer of stressed loans by lending institutions to entities in IFSCA, identify areas/issues of the directions which require further clarification from RBI, suggest both the contents of the framework to be put in place by IFSCA to enable such transfers and amendments to the RBI directions to make it easier to effect such transfers.
IFSCA has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. Currently, GIFT IFSC is the only international financial services centre in the country.
Twin Health Expands its Operations in India; Appoints Prabh Singh as CEO
Twin Health, makers of the Whole-Body Digital Twin™ technology, appointed Prabh Singh as the CEO for its India operations. Founded in 2018, Twin Health invented the Whole-Body Digital Twin™ to reverse and prevent chronic metabolic diseases like Type 2 Diabetes, while improving energy and physical health. The health tech firm had recently raised $155 million Series C funding to scale its presence in India and the U.S.
Prabh Singh will head the India operations for strategy, marketing, regulatory, public policy, go-to-market, product, and technology divisions. He will be responsible for scaling Twin Health in India as the country has the second-highest number of lifestyle-related diseases in the world after China.
Dec 19, 2021
UP Assembly Passes Supplementary Budget for FY22
The Uttar Pradesh Assembly passed the second supplementary budget of Rs. 8,479.53 crore for the ongoing fiscal by voice vote.
The Opposition parties raised an objection regarding the supplementary budget, terming it as irrelevant.
The Assembly also approved a proposal for expenditure of Rs. 1,68,903.23 crore through 'Vote on Account' for the first four months of the next financial year. The supplementary budget and Vote on Account were presented in the Assembly by state Finance Minister Suresh Khanna.
Good Glamm Names Reckitt's Sukhleen Aneja CEO for Beauty and FMCG Brands
Good Glamm Group, India's first beauty and personal care unicorn with a $1.2 billion valuation appointed Sukhleen Aneja as the CEO to head the Brands business. The move would help to step-change its growth ambition on creating Digital first House of Brands leveraging content to commerce as its moat.
In her new role Aneja, a former executive at consumer goods giant Reckitt, will be responsible for creating a strategic road map for leading digital-first brands at the Good Glamm Group. This includes integrating and scaling the recent acquisitions and leveraging the unique digital ecosystem including content, creator and communities for creating India's largest content to commerce powerhouse.
Dec 18, 2021
Nine start-ups Chosen at KSUM Event to Boost Entrepreneurship among Women
A two-day event organised by Kerala Start-up Mission, selected nine start-ups for funding aimed at boosting core female participation in various businesses.
Women Start-up Summit 3.0, organised by Kerala Start-up Mission (KSUM), announced a grant of Rs. five lakh each to Beena P. S. (OmicsGenLifeSciences), Sonia Mohandas (Waterchips Techno Solutions), Mariyam Vidhu Vijayan (Crink), Sunitha Faizal (Celebees Technologies), Nimisha J. Vadakkan (Acemoney), Nisary Mahesh (Hubwords), Ashwathy Venugopal (Avasarshala), Jeesh Venmarath (C-DISC Technologies) and Silpa P. A. (Nanograph).
The hybrid meet was inaugurated by Additional Skill Acquisition Programme CMD Dr Usha Titus, IAS (retd).
India Ranking in Global Scam Report Goes up to 4th Position
India is the country to receive the fourth highest number of spam sales and telemarketing calls. According to Truecaller Global Scam Report 2021, all categories of sales-related calls make up a vast majority (93.5 per cent) of all incoming spam calls.
As per the report, over 202 million spam calls were made by just one spammer in India this year. That's over 664,000 calls every day and 27,000 calls every hour of every day.
Truecaller has launched its fifth edition of the annual Global Spam Report - a detailed, global study on how spam and scam affects all of us. The report, like the previous years, lists the Top 20 Countries Affected by Spam Calls in 2021.
Globally, Brazil retained its title of the most spammed country in the world.
TVS Motor and BMW Motorrad Tie up to Make Electric Vehicles
India's TVS Motor Company will develop electric vehicles (EV) with BMW's motorcycle brand in India, joining a host of Indian automakers that have sought to expand their clean mobility offering. The tie-up comes at a time when new-age start-ups like Ola Electric & Ather are ramping up investment in electric scooters.
Under the extended scope of the partnership, the companies plan to come up with an electric vehicle platform in addition to the existing internal combustion platform for both global and domestic markets. The first product under the enhanced co-operation, an electric model suited for the urban ecosystem, is expected to make its debut in the next 24 months.
HomeFirst, Union Bank of India Enter Co-lending Partnership to Offer Home Loans
Home First Finance Company India Ltd (HomeFirst) entered into a strategic co-lending partnership with Union Bank of India (UBI) to offer home loans to customers.
The partnership aims at leveraging the strengths of both entities to provide a seamless experience to retail home loan customers in the priority sector.
Under this partnership, HomeFirst will originate loans as per the agreed credit policy of UBI in line with the provisions of RBI's Co-Lending Model.
HomeFirst will retain minimum 20 per cent of the loan on its book, while 80 per cent will be on UBI's book.
PM Narendra Modi Inaugurates All India Mayors' Conference
Prime Minister Narendra Modi virtually inaugurated and addressed the All India Mayors` Conference, themed 'New Urban India'.
The All India Mayors` Conference was organised by the Department of Urban Development of Uttar Pradesh in Varanasi. Mayors from various states across the country participated in the conference.
Bajaj Allianz General Insurance Launches Health Product
Bajaj Allianz General Insurance launched a 'Health Prime' rider, which can be availed along with the insurer's health insurance and personal accident policies.
The rider covers four key areas including tele-consultation cover, doctor consultation cover, investigations cover for pathology or radiology expenses and annual preventive health check-up cover in a cashless manner.
"With Health Prime rider, the aim is to provide a total wellness ecosystem and encourage a preventive rather than curative approach.
+91-85588-96644
